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Unravelling the Mystery: Why Use a Mortgage Broker?

The property market, with its intricate web of choices and ever-evolving regulations, can be an overwhelming arena for both first-time buyers and seasoned property investors.

Central to this complex realm is the indispensable role of the mortgage broker. But what exactly does a mortgage broker do, and why should you consider utilising their expertise as well as the pro’s and con’s of using a mortgage broker? Let’s explore.

Notepad on a desk with the word 'Why' written on it

1. The Enhanced Role of a Mortgage Broker

A mortgage broker, in its simplest definition, acts as a bridge between you, the borrower, and potential lenders. However, their role extends far beyond this. The reasons as to why to use a mortgage broker include:

    • Market Insight and Exclusive DealsMortgage brokers have their fingers on the pulse of the property market. Due to their longstanding relationships with various lenders, they can often secure mortgage deals that you wouldn’t find directly. Furthermore, certain brokers, due to their volume of business or special relationships with lenders, might even have access to exclusive deals that are not widely available – sometimes, these are even elusive to other brokers.
    • Affordability and Suitability AssessmentsOne of the most crucial aspects of securing a mortgage is understanding what you can realistically afford. A broker does more than just pull out calculators; they holistically assess your income, outgoings, future financial prospects, and other pertinent details to provide a clear picture of your borrowing capacity. Moreover, every lender has its own set of criteria, and matching your personal circumstances with these can be a minefield. Brokers excel here: they ensure that your profile aligns with the lender’s criteria, drastically minimising the risk of mortgage application declines.
    • Time and Effort EfficiencyThe world of mortgages is vast. Rather than approaching every bank or lender individually, a broker compiles the best-fit options for you. This streamlines the process, saving significant time and often money.

2. The Varied Spectrum of Services

Different brokers offer different levels of services:

    • Fee-Charging BrokersThese professionals provide an in-depth, personalised service. From understanding your financial landscape to assisting through the application journey and even post-completion support, they’re with you at every step.

      They often offer free meetings including online meetings.

    • Online-Only Fee-Free BrokersPredominantly digital, they will still secure you a mortgage albeit in a less personalised, approach. They may also not have the time available to do much more than get you the mortgage you request. Their response times may also be lower if they are a high volume brokerage.

3. Fee Structures – The Landscape

Brokers earn their income in a variety of ways: fees charged to the client, commissions from lenders, or sometimes a mix of both.

    • Verified Fee RangesAccording to recent data, fees for mortgage brokers can range usually between £300 to £995, based on the mortgage’s complexity.
    • Online-Only Fee-Free BrokersThe digital revolution ushered in a new breed of online-only brokers who provide fee-free services. They earn their income solely from lender commissions.

      While this might seem attractive, it’s paramount to discern that their service might be more transactional than tailored or they may be a high volume business with the brokers having less time available per client.

4. Summary of the Pro’s and Con’s of Using a Mortgage Broker


    • Expert Guidance. Brokers can demystify the complex mortgage landscape, ensuring you make informed decisions.
    • Tailored Options. They match you with lenders based on your unique financial and personal circumstances.
    • Exclusive Deals. Access to mortgage deals and sometimes even exclusives not available to the general public.
    • Saves Time. Instead of reaching out to every lender, brokers provide a consolidated list of best options.


    • Fees. Some brokers charge fees, although these often correlate with the level of personalised service.
    • Not All Options. A broker might not always have access to every single deal in the market. So best to ensure when speaking with them if they are ‘Whole of Market’
    • Trust. As with any service, there’s always a need to ensure you’re working with a reputable broker. Do check their reviews. See our blog post on How to Find a Mortgage Broker for hints and tips on finding a mortgage broker.

Compton Financial Services – A Unique Fee Structure

Compton Financial Services stands out in this vast landscape with its transparent and client-centric approach. Our unique fee structure ensures optimal value combined with top-tier service. Depending on the mortgage’s size, our fees typically span from £495 down to £0. Click here to see our fees.

The cherry on top? Our one-off lifetime fee promise. Once onboard with us, all subsequent remortgages come without any added fees, emphasising our commitment to lasting client relationships.

In summary, the property market, while intricate, becomes significantly more navigable with a proficient mortgage broker by your side. They not only demystify the process but ensure it’s efficient, cost-effective, and tailored to your unique needs. Whether you desire the personalised touch of a fee-charging broker or the swift digital process of an online platform, knowledge is power. Make an informed choice.


Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.

Compton Financial Services Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office 165 – 167 High Street, Rayleigh, Essex SS6 7QA. Co registration Number 5520001.